AQR Capital Management LLC Acquires 214,547 Shares of Remitly Global, Inc. (NASDAQ:RELY)

AQR Capital Management LLC raised its position in Remitly Global, Inc. (NASDAQ:RELY - Free Report) by 338.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 277,889 shares of the financial services provider's stock after buying an additional 214,547 shares during the period. AQR Capital Management LLC owned 0.14% of Remitly Global worth $6,272,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Remitly Global in the fourth quarter worth $66,169,000. Principal Financial Group Inc. boosted its holdings in shares of Remitly Global by 10,213.8% in the 3rd quarter. Principal Financial Group Inc. now owns 2,020,791 shares of the financial services provider's stock worth $27,058,000 after buying an additional 2,001,198 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Remitly Global by 1,032.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,400,682 shares of the financial services provider's stock valued at $31,614,000 after buying an additional 1,276,991 shares during the period. Marshall Wace LLP increased its holdings in Remitly Global by 146.4% during the fourth quarter. Marshall Wace LLP now owns 1,570,935 shares of the financial services provider's stock worth $35,456,000 after buying an additional 933,253 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in Remitly Global in the fourth quarter worth about $19,312,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

Remitly Global Stock Performance

NASDAQ:RELY traded down $0.30 during mid-day trading on Friday, reaching $23.86. The stock had a trading volume of 3,531,725 shares, compared to its average volume of 1,998,312. The stock has a market capitalization of $4.86 billion, a P/E ratio of -125.58 and a beta of 0.16. The firm has a 50 day moving average price of $20.42 and a two-hundred day moving average price of $21.47. Remitly Global, Inc. has a one year low of $11.60 and a one year high of $27.32.

Remitly Global (NASDAQ:RELY - Get Free Report) last released its earnings results on Wednesday, May 7th. The financial services provider reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.09. Remitly Global had a negative return on equity of 6.10% and a negative net margin of 2.93%. The company had revenue of $361.62 million during the quarter, compared to analyst estimates of $347.81 million. During the same quarter in the previous year, the company posted ($0.11) EPS. Remitly Global's revenue for the quarter was up 34.3% on a year-over-year basis. Research analysts forecast that Remitly Global, Inc. will post -0.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Ankur Sinha sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $19.01, for a total value of $95,050.00. Following the sale, the insider now directly owns 397,805 shares of the company's stock, valued at $7,562,273.05. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joshua Hug sold 37,718 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $21.05, for a total value of $793,963.90. Following the transaction, the insider now directly owns 3,776,093 shares of the company's stock, valued at $79,486,757.65. The trade was a 0.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 77,301 shares of company stock valued at $1,560,012 in the last quarter. Insiders own 7.50% of the company's stock.

Wall Street Analyst Weigh In

RELY has been the subject of a number of research reports. Monness Crespi & Hardt increased their target price on shares of Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday. KeyCorp raised their target price on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday. BMO Capital Markets boosted their price objective on Remitly Global from $27.00 to $32.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. JMP Securities restated a "market outperform" rating and set a $32.00 target price on shares of Remitly Global in a research report on Thursday, April 10th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Remitly Global from $21.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Remitly Global has an average rating of "Moderate Buy" and an average price target of $29.13.

Remitly Global Profile

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.